The branch habit is getting expensive
Canadian business banking is split between two very different worlds. The Big Five chartered banks still hold most commercial deposits, and they price accordingly: entry-level business accounts run about $5 to $35 a month, while full-featured packages sit between $65 and $125. Those fees can be reduced to zero, but usually only by parking a large daily balance — $45,000 to $75,000 depending on the package. For a lean operation, that is money sitting still instead of covering payroll.
Then there is the part that never shows up as a line item. Foreign exchange markups at the major banks commonly land between 2.5% and 3.5% above the mid-market rate, and TD publishes exactly that 3.5% add-on for card spending in a foreign currency. If you invoice US clients or pay a supplier in euros, that spread quietly eats margin on every transaction. The $50 wire fee is visible. The conversion cost is not.
Cash handling is the third sticking point. Online-first accounts rarely accept physical deposits, yet plenty of Canadian businesses still deal in cash, cheques and bank drafts — a weekend market vendor, a contractor paid by cheque, a shop that banks float daily. Choosing an online business bank account in Canada therefore is rarely about replacing your bank entirely. It is about deciding which jobs the branch should keep.
Three routes, and who each one suits
The first route is a digital-first bank account from a schedule I or II institution. EQ Bank's business account pays 2.25% on CAD with no monthly fee and 50 included e-Transfers. Wealthsimple Business Chequing advertises interest up to 2.25% with no monthly charge. Venn, which operates outside Quebec, pays a standing 2% on both CAD and USD balances with promotional tiers running higher. These accounts are simple, deposit-protected where the institution is a CDIC member, and good for solo owners and small teams whose cash flow stays mostly in Canadian dollars.
The second route is a payment platform that behaves like an account. Airwallex, Wise, Float and Loop are fintechs, not banks — a distinction worth understanding. Under the Retail Payment Activities Act, registered providers must safeguard client money in segregated trust accounts, and balances held in trust at a CDIC member bank can qualify for deposit protection up to $100,000 per beneficiary when disclosure rules are met. Money still sitting in the platform wallet before it is swept may fall outside that protection, so read the terms rather than assume.
Airwallex is the clearest example of why this category exists: local receiving details in more than 20 currencies, collection reach across 75-plus countries, and FX markup of roughly 0.5% on major currencies. Float charges a 0.25% markup on CAD-to-USD conversions. Neither accepts cash, and neither offers commercial lending.
The third route is the hybrid most established small businesses end up with. Keep a Big Five account for deposits, drafts and a line of credit, then route day-to-day payments and foreign currency through a multi-currency online business bank account. You keep the branch functions you actually use and stop paying spreads on money that never needed converting.
What the spread costs in practice
Consider a Mississauga apparel brand billing US boutiques. Say US$30,000 lands each quarter and gets converted on arrival at a 2.5% markup. That is roughly US$750 — about a thousand Canadian dollars — given up four times a year, and it never appears on a statement as a fee. Holding the USD and converting when the rate suits you, or spending directly from a USD balance with a corporate card, changes the arithmetic without changing the invoice.
Side-by-side comparison
| Provider | Monthly fee | Best fit | What stands out | What to weigh |
|---|
| EQ Bank Business | $0 | Solo owners and small teams holding CAD | 2.25% interest on CAD, 50 included e-Transfers, CDIC member | No branch cash deposits, limited credit products |
| Wealthsimple Business Chequing | $0 | Digital-first founders | Interest up to 2.25%, clean interface | Basic cash handling, fewer lending options |
| Venn | $0 base, tiered fees at higher balances | Corporations outside Quebec with idle CAD and USD | Standing 2% on CAD and USD, low FX markup, CDIC-eligible via BMO | Not available in Quebec, per-debit charges on some tiers |
| Loop | $0 on the basic plan | Startups needing a multi-currency card | Multi-currency card, simple onboarding | Leaner feature set than full platforms |
| Airwallex Business Account | $0 on the Explore plan | eCommerce sellers, exporters, SaaS billing in USD | Local details in 20+ currencies, ~0.5% FX markup on majors, corporate cards with cashback | Not a bank, no cash deposits, no mortgages or credit lines |
| BMO Essential Business | $5 | Businesses that still bank in person | Low entry fee, full branch network | Transaction allowances are tight at this tier |
| TD Business Essential | $35 (waived with a $45,000 balance) | Branch-heavy operators | Familiar service model | Balance requirement is steep for a small firm |
| CIBC Unlimited Business | $65 | High-volume domestic deposits and payments | Unlimited domestic transaction bundle | FX markup still applies |
| RBC Ultimate Business | $100 (waived with a $75,000 daily balance) | Cash-intensive businesses | $25,000 in monthly cash deposits without extra fees | The waiver threshold is the real cost test |
| TD Unlimited Business | $125 (waived with a $65,000 daily minimum) | Full-service needs with staff and branches | Unlimited transactions plus branch access | Highest headline fee of the group |
Rates and fees reflect published pricing in late 2026 and shift with promotions and balance rules, so confirm current numbers before applying.
Getting approved without a second round of paperwork
Most rejections come down to documents, not credit. Have these ready and the online application usually moves quickly.
- Business number. Your CRA business number, plus payroll or GST/HST accounts if you registered them.
- Incorporation file. Articles of incorporation or a provincial registration certificate, and often a corporate profile report pulled within the last few months.
- Ownership disclosure. Photo identification and proof of address for every director and for beneficial owners holding 25% or more, which is standard FINTRAC know-your-customer practice.
- Sole proprietors outside Canada. A business licence or registration certificate, passport copy and home-country address proof.
- Funding method. Most platforms fund the first deposit by Interac e-Transfer or EFT, and the sender name must match an owner or the entity.
Two practical steps before you commit. Check your daily and per-transaction e-Transfer caps, because a client paying a five-figure invoice may need to split it across days. And confirm whether your provider is listed on the Bank of Canada's RPAA registry — registration is not an endorsement, but it tells you the firm reported to a regulator.
Choosing in an afternoon, not a quarter
Pull three months of statements and sort every dollar into three buckets: domestic payments, foreign currency, and cash or drafts. Whichever bucket is smallest is the one you should be willing to move. If cash is under 10% of your volume, a digital-first account plus a savings product in the same institution probably beats a $65 monthly package. If cross-border receipts are the growth area, look hard at FX markup before you look at monthly fees — a $0 account with a 2.5% spread is pricier than a $35 account with a 0.5% spread once volume picks up.
Then run a small live test. Send one real invoice through the new account, watch what actually lands after conversion, and compare it against what your current bank would have delivered on the same day. That single number settles the decision faster than any comparison table.
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